Business Studies Unit 3 Key Terms

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marketing
the management process that is responsible for anticipating, identifying and stisfying customer needs profitably
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Market Resarch
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data
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Primary Data
information that had bben gathered for a specific purpose through direct investigation such as observation, surveys and experiments
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Secondary Data
Information that already exsists such as accounts and sales records, government,statistics, newspaper and internet articles and reports from advertising agencies
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Quantitative data
data that can be expressed as a number and can be statistically analysed
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Qualitative data
Data about opinions, judgements and attitudes
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Survey
research involving asking questions of people or organisations
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Respondents
Those who who provide data for a survey usually by answering questions
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market segment
part of a market that contains a group of buyers with similar buying habits
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Sample
A small group out of the total population which is selected tot take part in a survey
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Questionaire
A list of questions to be answered by respondents, designed to give information about consumers' tastes
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Card 2

Front

Market Resarch

Back

The process of gaining information about customers, competitors and market trends through collecting primary and secondary data

Card 3

Front

Primary Data

Back

Preview of the front of card 3

Card 4

Front

Secondary Data

Back

Preview of the front of card 4

Card 5

Front

Quantitative data

Back

Preview of the front of card 5
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